Act Details: Title: Finance Act, 2024 Act Number: Act 8 of 2024 Published in: Gazette of India on 16 February 2024. Commencement Status: The Act has not commenced as of its publication date. Purpose: The Act is designed to continue the existing rates of income tax for the financial year 2024-2025, provide certain reliefs to … Read more
Understanding deductions under Section 80 of the Income Tax Act is crucial so you can benefit completely from ITR Filing. In this article, you will know all about deduction under section 80 from ITR Filing perspective which will help you get tax benefits. Section 80C Maximum Deduction: You can claim a maximum deduction of ₹1.5 … Read more
The Hindu Undivided Family (HUF) is a well-established mechanism for tax planning in India. In this article, we will explore the complexities of HUFs, including their formation, essential components, taxation aspects, and the substantial tax-saving advantages they provide. Understanding the HUF: Karta, Coparceners, and Members Karta At the heart of every Hindu Undivided Family (HUF) … Read more
Understanding the income tax slabs for the financial year 2024-25 (assessment year 2025-26) is crucial for you before ITR Filing. Both the old and new tax regimes offer different benefits. Thus, taxpayers can choose the tax regime as per their own financial needs and understanding. Let’s understand the latest income tax slabs for FY 2024-25 … Read more
As a taxpayer in India, you can choose the tax regime. There are two options. Old Tax Regime and New Tax Regime. Both these tax regimes have their own unique benefits. Thus, it is important for you to understand Income Tax Slabs FY 2023-24 & AY 2024-25 before doing ITR Filing. Old Regime Tax Rates … Read more
Stay informed about latest changes in ITR Filing for FY 23-24 through this article and avoid potential penalties or errors in their filings, thereby minimising the risk of audits or legal issues. Streamlining Tax Processes for Businesses The income tax department has introduced changes to simplify tax procedures for businesses, particularly in the area of … Read more
Under the guiding principles of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the comprehensive national approach of “Sabka Prayas,” Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament. The key highlights of the budget can be summarised as follows: Budget 2024 Highlights: Direct and Indirect Tax No … Read more
A major update for everyone as The Income Tax Department has notified a new income tax liability. As per the latest notification, you have to pay taxes on any sum received under a life insurance policy when the yearly premium exceeds Rs 5 lakh. Let’s learn all about the latest update of Life insurance policy … Read more
An income tax notice is a written communication from the Tax Department to a taxpayer indicating an issue with their tax account. It may be sent for various reasons such as unfiled returns, assessment, or requesting specific information. When received, the taxpayer must address it within the specified timeframe. Otherwise, you may have to face … Read more
The ITR-3 applies to individuals and Hindu Undivided Families (HUFs) who earn income from profits and gains derived from business or profession. On the other hand, the ITR-4 is designed for taxpayers who choose the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. Nevertheless, if the turnover … Read more